Business
Putting pollies back behind the wheel means a bumpier ride – Sydney Morning Herald
This budget marks a day-to-day shift in economic power from the econocrats back to the politicians.
In some years a small surcharge was added to the rates of income tax; in others, a small discount was subtracted. The role of monetary policy was subsidiary and subordinate. Central bankers job was always to keep interest rates low.
The bumpy ride were in for is unlikely to mean a return to high inflation. No, it means weak economic growth and high unemployment.
Ross Gittins
But after the first OPEC oil price shock of 1973 (just before I became an economic journalist) it became clear the developed…
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